The value of watch sales in the UK fell by 3.9% in September, continuing a five month long run of year-on-year declines.
The subdued market has not stopped wholesalers and retailers from stocking-up.
Latest figures from the Federation of Swiss Watch Industry saw exports to the UK rise by 29% in August.
Luxury retailers are continuing with a campaign to push the UK government to reinstate VAT rebates for shoppers from overseas amid growing evidence that wealthy tourists from regions including the Middle East and United States.
The so-called tourist tax did not appear to dampen demand in key British tourist cities last year, perhaps because word had not spread or visitors had already made their holiday plans, but demand does appear to have been hit this year.
The value of sales in London was down 7.7% in September, according to research from GfK, while the rest of Great Britain saw a drop of 6%.
Online sales continue to be flat, year-on-year.
A boom in sales during the first four months of the year at the top end of the market appears to be losing steam, with sales down by 3.2% in September for watches priced at over £10,000.
Only the £5,000 to £10,000 price point registered any growth.
Why is this not surprising? The stupidity and ignorance of those in government simply know no bounds!